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Reserve Bank of India (RBI) Governor Shaktikanta Das said that there is a probability that large parts of the world will slip into recession. “MPC (Monetary Policy Committee) noted that global economic activity has come to a near stand-still as COVID-19 related lockdowns & social distancing in affected countries. Expectations of a shallow recovery in 2020 from 2019's decade low in global growth have been dashed. The outlook is now heavily contingent upon the intensity, spread & duration of the pandemic. There is a rising probability that large parts of the world will slip into recession,” said Das while addressing press conference.
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